NEM Review: Beginners guide to XEM
NEM (XEM): Smart-Asset Business Blockchain
Industry type: Business enterprise solutions.
What is NEM? NEM (New Economy Movement) is a blockchain technology project built to service business enterprise to power their private mission-critical infrastructure. NEM was developed from scratch, building its own blockchain from the ground-up it has some notable differences from other similar projects including ‘harvesting’ and ‘proof of importance’. NEM has a native token (XEM) that is used as a digital asset and spending currency.
What gives it value?
It is a blockchain solution designed specifically for business enterprises as an onramp into the blockchain and crypto sphere. It is built to be compatible with many applications from mobile apps to mission-critical business infrastructure. Its permission-based private blockchain delivers industry-leading transaction rates for internal ledgers.
Interesting Technology:
NEM Smart Assets are called ‘mosaics’ and resemble digital assets like bonds and securities as a cryptocurrency or crowdfunding tokens.
Delegated Harvesting is NEM’s alternative to mining, where account holders who have staked 10,000 XEM can attach their account to a node to build blocks on the blockchain. Accounts talk to each other to record and verify transactions and earn transaction fees as a reward.
The proof-of-importance (POI) algorithm is the delegation protocol that uses network theory to assign a hierarchy to the harvesting accounts based on the number of tokens staked, the transactions made to other NEM accounts, and the size and frequency of those transactions.
Mijin is a solution for businesses to customize and operate their own private blockchains on the NEM network that are inaccessible to unauthorised users.
Notable team:
Lon Wong was the previous president and founder of the NEM foundation who stepped down to become an advisor to NEM and to lead a new project Proximas.io, that makes use of the NEM blockchain to combine blockchain, storage, and streaming, to cover industries outside the regulated financial industry.
Jeff Mcdonald is the co-founder of the NEM foundation who stepped down in 2018 to instead act as an advisor to NEM.
Kristof Van de Reck, a blockchain entrepreneur and a former board member for NEM is now the interim CEO of the NEM foundation.
Notable partnerships:
As a part of its global expansion campaign, the NEM foundation has set up an operation in Melbourne to build partnerships and strategic alliances in Australia.
NEM foundation is a non-profit organisation that was founded in Singapore, and is the driving force behind that promotes the technology to industries, governments, and academia.
Dragonfly Fintech is a blockchain platform service for local or international payments and settlements.
Atraura is a leading technology company specializing in the development, integration and maintenance of Blockchain technology across many kinds of industry from finance to government or logistics.
Review: The Good
It is Japan’s second most popular cryptocurrency project. It is designed specifically for business enterprises and may be the first point of entry when business begins to adopt blockchain en-masse. Private blockchains are made possible through the Mijin adaption will potentially be highly sought after. Its harvesting system and proof of importance algorithm are unique only to NEM. It already has many established business partnerships.
Review: The Not So Good
Due to its team being anonymous and not having a strong marketing arm that speaks with its community, it is generally unknown where NEM is at in its developments, what it plans for the future, and who the trusted people behind it are.
Although it has some unique qualities, it is still arguably just another smart contracts platform that is marketed differently. Therefore, there is no guarantee that its differences will make enough of an impact to outperform its competitors.
Future Roadmap:
NEM is partnering up with PundiX to release XPOS devices to various retail business to make the existing NEM transaction system more efficient.
Catapult is an upgraded blockchain engine to Minjin that is in development and will be used to power both the private and public blockchains on the NEM network.
CONCLUSION:
NEM has built its own blockchain from the ground up, and in my opinion it has innovative utilities that are are notable and promising achievements. However, as these differences do not offer anything substantial on their own, if NEM is unable to capture a significant amount of business enterprise as it plans to, then there isn’t much more going for it that can’t be outperformed by its competition.
NEM Price:
- The current NEM price, market cap and charts.
Local exchanges:
- Coinspot: www.coinspot.com.au
Overseas exchanges:
- CoinBase: www.coinbase.com
- Binance: www.binance.com
- YoBit: www.yobit.net
- Bittrex: www.bittrex.com
- Changelly: https://changelly.com/
Where to store this crypto:
- Hardware wallet: www.bitgear.com.au Desktop wallet: https://nem.io/downloads/
- Mobile wallet: https://itunes.apple.com/us/app/nem-wallet/id1227112677?mt=8
Similar coins:
- Ethereum (ETH) – The most popular smart contracts platform
- Ethereum Classic (ETC) – The original smart contracts platform
- EOS (EOS) – 2nd generation smart contracts platform.
- Cardano (ADA) – 3rd generation smart contacts platform.
- NEO (NEO) – A chinese based smart contracts platform.
Further information:
- NEM whitepaper: https://nem.io/wp-content/themes/nem/files/NEM_techRef.pdf
- Reddit: https://www.reddit.com/r/nem/
- Website: https://nem.io/
